Quest Partners LLC Buys 5,626 Shares of 89bio, Inc. (NASDAQ:ETNB)

Quest Partners LLC increased its stake in shares of 89bio, Inc. (NASDAQ:ETNB) by 226.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,113 shares of the company’s stock after buying an additional 5,626 shares during the quarter. Quest Partners LLC’s holdings in 89bio were worth $65,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas increased its position in shares of 89bio by 9.0% in the fourth quarter. Teacher Retirement System of Texas now owns 15,791 shares of the company’s stock worth $176,000 after purchasing an additional 1,299 shares during the period. PNC Financial Services Group Inc. increased its holdings in 89bio by 10.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 14,760 shares of the company’s stock valued at $165,000 after buying an additional 1,360 shares during the period. Ameritas Investment Partners Inc. raised its position in shares of 89bio by 28.4% in the 1st quarter. Ameritas Investment Partners Inc. now owns 7,886 shares of the company’s stock valued at $92,000 after buying an additional 1,744 shares in the last quarter. Swiss National Bank lifted its holdings in shares of 89bio by 3.1% during the 1st quarter. Swiss National Bank now owns 147,200 shares of the company’s stock worth $1,713,000 after acquiring an additional 4,400 shares during the period. Finally, Chicago Partners Investment Group LLC increased its stake in 89bio by 43.6% in the fourth quarter. Chicago Partners Investment Group LLC now owns 15,388 shares of the company’s stock valued at $158,000 after acquiring an additional 4,673 shares during the last quarter.

Analyst Ratings Changes

A number of brokerages have weighed in on ETNB. HC Wainwright reaffirmed a “buy” rating and issued a $29.00 target price on shares of 89bio in a report on Tuesday, August 6th. Raymond James lifted their target price on 89bio from $50.00 to $53.00 and gave the company a “strong-buy” rating in a research report on Tuesday, August 6th. Cantor Fitzgerald reissued an “overweight” rating and issued a $29.00 target price on shares of 89bio in a report on Monday, July 1st. Finally, Royal Bank of Canada decreased their price target on shares of 89bio from $13.00 to $12.00 and set a “sector perform” rating on the stock in a report on Tuesday, August 6th. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.14.

89bio Stock Up 1.7 %

Shares of NASDAQ ETNB opened at $8.35 on Wednesday. The company has a 50 day simple moving average of $8.64 and a 200 day simple moving average of $9.22. The company has a debt-to-equity ratio of 0.04, a current ratio of 13.92 and a quick ratio of 13.92. 89bio, Inc. has a 1 year low of $6.57 and a 1 year high of $17.53. The firm has a market cap of $821.51 million, a PE ratio of -4.15 and a beta of 1.11.

89bio (NASDAQ:ETNB) last released its quarterly earnings results on Monday, August 5th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.08. During the same quarter in the prior year, the company posted ($0.52) EPS. On average, research analysts forecast that 89bio, Inc. will post -2.32 EPS for the current year.

89bio Company Profile

89bio, Inc, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of therapies for the treatment of liver and cardio-metabolic diseases. Its lead product candidate is pegozafermin, a glycoPEGylated analog of fibroblast growth factor 21 for the treatment of nonalcoholic steatohepatitis; and for the treatment of severe hypertriglyceridemia.